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Relief over Rate Hikes Propels Stocks Higher


Stocks rose Tuesday, resuming their November rally, as comments from a Federal Reserve official raised hope that the central bank may not need to raise interest rates further.

The Dow Jones Industrials came off its their highs of the day, but still gained 83.51 points to conclude Tuesday at 35,416.98.

The S&P 500 forged higher 4.46 points to 4,594.89.

The NASDAQ recovered 40.73 points to 14,281.76.

Boeing helped lift the Dow on Tuesday, adding 1.4%, while Dow-member retailer Nike added 0.7% and Walmart gained 1.2%. The S&P 500 got a lift from Newmont Corporation, ahead 6.2%, and Synchrony Financial, higher by 5.1%.

On the earnings front, CrowdStrike is expected to report earnings after the bell.

Fed Governor Christopher Waller had expressed confidence earlier Tuesday that policy is “currently well positioned” to slow the economy and bring inflation back to 2%. His commentary comes ahead of the Federal Open Market Committee’s policy meeting on Dec. 12-13. Markets generally expect the committee to keep its key lending rate steady.

Monday’s modest retreat comes near the end of November’s strong trading month, which concludes with Thursday’s close. The Dow looks to end November up 7.2%, and S&P 500 is on pace to finish the month 8.6% higher. The technology-heavy NASDAQ has climbed 11.1% so far in November.

Prices for the 10-year Treasury jumped, lowering yields to 4.33% from Monday’s 4.39%. Treasury prices and yields move in opposite directions.

Oil prices climbed $1.56 to $76.42 U.S. a barrel.

Gold prices jumped $29.20 to $2,041.60.



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